Baosteel cuts prices

BAOSHAN Iron and Steel Co, China's biggest steel maker, slashed cold-rolled product prices for next month by 22 percent, the biggest cut this year, as the economic slowdown damped demand from car makers and builders.

Prices of the products, used to make cars and appliances, will drop by 970 yuan (US$142) a ton, Vice President Chen Ying said. That will be a 22-percent cut to 3,526 yuan a ton, excluding tax, according to Bloomberg News data.